Soybean Comment
Soybeans reversed early declines to close higher. Nearby contracts pressured by slowing exports and a big South American crop registered the smallest gains. Prospects of a decrease in U.S. plantings provided new crop contracts a substantial boost. November futures closed above trendline resistance but will need to close above $43.58 to extend the upturn.

Wheat
Cash bid for March at Memphis 724 1/2 to 745 1/2;

Bids to farmers at Local Elevators

725-735;

River Elevators

725-764;

Chicago Futures:

May

up

25 1/4

at

739 1/2

July

up

24 1/2

at

774 3/4

Sept

up

23 1/2

at

812 1/2

Dec

up

22 3/4

at

840

Mar '12

up

22 3/4

at

855 3/4

Today's Arkansas LDP rate for wheat is:

0¢

Grain Sorghum
Cash bid for March at Memphis 1156 to 1183;

Bids to farmers at River Elevators

1016-1019;

Today's Arkansas LDP rate for sorghum is:

0¢

Corn

Cash bid for

March at Memphis
703 1/2 to 704 1/2;

New Crop at Memphis
631 1/2 to - - -;

Bids to farmers at River Elevators

673 to 703

Chicago Futures:

May

up

21 1/2

at

702 1/2

July

up

19 1/2

at

708

Sept

up

13

at

658 1/2

Dec

up

9

at

618 3/4

Today's Arkansas LDP rate for corn is:

0¢

Grain Comment
Wheat futures were posting strong gains at mid-day. Weekly export reports showed old crop sales of 24.4 million bushels and new crop sales of 3.2 million bushels. The cumulative total for the current marketing year is 60% higher than this time last year. July futures have trendline resistance around $7.90.

Corn closed with strong old crop gains. Talk of potential flooding in the Midwest contributed to the solid gains. December futures again pushed up near substantial resistance at $6.20. A close above this level would give the market a positive technical situation and further upside potential.

Cotton & Rice Date: March 24, 2011

Cotton

Spot Price, Grade 41 Staple 34:

Memphis up 6.95 at
203.82

Greenwood up
6.95 at 203.82

New York Futures:

May

up

695

at

20882

July

up

656

at

20049

Oct

up

193

at

15375

Dec

up

114

at

12781

Mar '12

up

78

at

12078

This week's LDP rate for cotton is

0 cents

The estimate for next week is

0 cents

Cotton Comment
Cotton futures were higher as the market retraced yesterday’s decline after continuing lower in the overnight trade. Very tight stocks are again driving old crop contracts back toward recent highs. December futures have closed outside the recent trading range between $1.15 and $1.35. Recent private reports have 2011 plantings above 13 million acres. However, even that might not generate enough production to build stocks.

Rice

Long Grain Cash Bid for

Mar

1111

to

1139/cwt

April

1075

to

1139/cwt

Chicago Futures:

May

up

14 1/2

at

1419

July

up

15

at

1450

Sept

up

12

at

1512 1/2

Nov

up

13

at

1541

Jan '12

up

10 1/2

at

1565 1/2

Today's Arkansas LDP rate for long grain rice is

0¢

medium grain rice is

0¢

Rice Comment
Rice futures traded higher throughout most of the session. The market has made some sweeping changes over the last two months as the trade attempts to balance a large supply of old crop rice against anticipated smaller plantings in 2011; old crop rice that for the most part is lower in quality than normal and will be difficult to mark. (Please note the Informa acreage projection was 3.2 million acres and not 2.2 million acres as indicated earlier.)

Cattle & Hogs Date: March 24, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,914 head
at sales in Charlotte, Green Forest and Ratcliff.
Compared with last week, feeder steers sold mostly firm to $5 higher .

Hogs Comment
Hogs were higher at mid-day. The dollar was a bit weaker, and that is good news for U.S. exports. Japan is continuing with routine purchases, which is a big plus since Japan is the largest importer of U.S. pork by a wide margin.

Poultry Date: March 24, 2011

Eggs

New York:

Ex. Lg. 110-114; Lg. 108-112; Med. 102-106;

Chicago:

Ex. Lg. 86-94; Lg. 84-92; Med. 78-86;

National Turkeys

Hens:

8-16 lbs.

92.50

Toms:

16-24 lbs.

92.50

Delmarva BroilersU.S. Grade AWhole broiler/fryer prices are trending weak. Offerings are moderate to heavy. Demand approaching the weekend is light to moderate for late week trading. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mostly desirable.